Steel Stocks Surge

Last Sunday I wrote about how strong the steel stocks are and that they were just beginning to breakout. I mentioned a few names which I trade quite often. IPS, X and AKS were the 3 stocks that I showed in my post.

Today the steel stocks were the strongest group of the day on news that U.S. Steel will acquire Lone Star Technologies for $67.50/share. IPS surged over 10% and X was up 3.7%.

This has been a very profitable week for me because I've been long steel and oil which have had large rallies in just the past 4 days. I exited some of my long steel position into this up move today.